Morning Gold & Silver Market Report – 2/6/2014
METALS, STOCKS HIGHER AFTER JOBLESS REPORT
Precious Metals are trading higher in early morning trading, ignoring a drop in weekly jobless claims. Thursday brings a European Central Bank (ECB) rate decision, with a keen eye on hints as to whether ECB president Mario Draghi is looking to ease policy further. Commerzbank analyst Carsten Fritsch explained, “These macro events are relevant for the Gold market for the impact they can have on the dollar and stock markets.” Fritsch also said that the year-to-date strength in Gold price is directly relative to weakness in global stocks.
U.S. stock futures are pointing toward a higher opening for Wall Street. The weekly jobless claims report showed 20,000 claims less than the prior week, about 9,000 fewer than expected. Investors now set their eyes on Friday’s jobs report for clues on the economy. Gary Thayer, chief macro strategist at Wells Fargo Advisors, said, “I think the market is expecting a decent (jobs) number, but they're worried with the weather… The question is whether it's as bad as everyone thinks.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,263.10, Up $4.20.
- Silver, $20.12, Up $0.25.
- Platinum, $1,383.70, Up $2.40.
- Palladium, $714.30, Up $6.20.